Lawsuit loans are ideal solutions for injury victims waiting to receive a settlement from an insurance company. The injury may be as a result of an accident due to the negligence of the other party. This type of settlement loan seeks to provide financial resources for an impending lawsuit. The loan will cover both personal and legal costs as the claim remains pending.
My Lawsuit Loans is one of such reputable lenders to provide you with a cash advance to cater for your medical bills, mortgages, groceries, car repairs and personal use.
How is lawsuit loan different from other forms of loans?
Lawsuit loans are also known as cash in advance, pre-settlement loans among other terms. They end up confusing these loans with paydays. Basically, these are cash in advance and not loans. For loans, a borrower must repay the amount with an interest. However, with lawsuit loans, the assurance of repayment lies in the value of your claim. This means you will only pay the lender if you win the settlement and not the other way round. If you lose the case, the lender too won’t get paid. The lender’s fate lies solely on the outcome of the lawsuit.
Who Needs a Lawsuit Settlement Loan?
The loans are mainly provided to victims of personal injury claims. Once you are involved in an accident, you may stay for months or years before receiving compensation. You will require money to cover for your medical bills since you have exhausted your savings. This is the time you really need lawsuit loans to remedy the situation.
How the sum of an advance is determined
Lenders have different ways of calculating the amount of money to give. In most cases, an advance mayrange between 5-20% of the projected lawsuit value. However, the first determine the value of your case to evaluate its outcome. Your case must carry substantial weight with high odds of winning a settlement. They will collect all relevant information from you and your attorney to help make a decision. If the case appears weak, then there are low chances of getting a loan. The same applies to the other side.
How long does it take to obtain a lawsuit loan?
You must first fill in an application for review. If the lender approves your application, then you may get your money within a period of two days. Also, the time you apply and get approval may vary since the lender takes his time to evaluate your lawsuit.
To get more information about lawsuit loans. contact My Lawsuit Loans and ask for a free quote.